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2015-09-29

BONDUELLE - 2014-2015 Annual Results : Activity and profitability higher than targets

BONDUELLE

A French SCA (Partnership Limited by Shares) with a capital of 56,000,000
Euros
Head Offices: La Woestyne 59173 Renescure, France

Business registration number: 447 250 044 (Dunkerque Registrar of Businesses)

2014-2015 Annual Results

Activity and profitability higher than targets

for the Bonduelle Group in 2014-2015

* Activity and profitability growth higher than the announced objective
* Record of current operating profitability at 111,5 million of Euro
* Strengthening of the group's financial structure
* Improvement of return on capital employed
* Increase of the dividend proposed at the Annual General Meeting

On the 25thof September 2015, the Supervisory Board, under the chairmanship of
Isabelle Danjou, reviewed the statutory and consolidated financial statements
for FY 2014-2015 as presented by the Executive Board and certified by the
company's statutory Auditors.

-------------------------------------------------------------
| Consolidated Accounts 2014-2015 2013-2014 Change |
| |
|(in € millions) |
| Turnover 1,981.8 1,921.1 + 3.2 %* |
| Current Operating Result 111.5 102.7 + 8.6 %* |
| Net Result 69.2 15.2 + 355.2 %* |
| Net Financial Debt 512.4 524.6 - € 12.2 M |
| Leverage Ratio* 2.73 2.95 - 22 bp |
| ROCCE ** 10.7 % 10.- % + 70 bp |
-------------------------------------------------------------
In a 2014-2015 rather demanding environment - sluggish consumption,
concentration of distribution in Europe, fire at the Tecumseh plant (Canada),
Russian embargo and rouble devaluation - the Bonduelle Group records another
financial year of strong revenue and profitability growth. Higher than the
announced objective, later revised upward, this economic and financial
performance demonstrates the pertinence of its business model and resilience
to the fluctuating environment, and secures the profitable growth objective
of its business project: VegeGo! 2025.

Global Turnover

Sales growth across all operating segments***

Activity by Geographic Region

-----------------------------------------------------------------------------------------------------------------------------------------------------
| Total consolidated turnover 12 months 2014-2015 12 months 2013-2014 Current exchange rates Constant scope of consolidation and exchange rates |
| |
|(in € millions) |
| Europe Zone 1,281.3 1,281.- 0.- % 0.- % |
| Non-Europe Zone 700.6 640.1 9.4 % 12.5 % |
| Total 1,981.8 1,921.1 3.2 % 4.1 % |
-----------------------------------------------------------------------------------------------------------------------------------------------------
Activity by Operating Segments

-----------------------------------------------------------------------------------------------------------------------------------------------------
| Total consolidated turnover 12 months 2014-2015 12 months 2013-2014 Current exchange rates Constant scope of consolidation and exchange rates |
| |
|(in € millions) |
| Canned 1,023.6 1,025.1 - 0,1 % 2.3 % |
| Frozen 561.9 527.8 6.5 % 5.2 % |
| Fresh Processed 396.3 368.2 7.6 % 7.6 % |
| Total 1,981.8 1,921.1 3.2 4.1 |
| % % |
-----------------------------------------------------------------------------------------------------------------------------------------------------
The group's turnover reached, over FY 2014-2015 (1stof July 2014 - 30thof June
2015), 1,981.8 million of Euro compared to 1,921.1 million of Euro the
previous year, an increase of 4.1 % at constant exchange rates, higher than
the annual objective revised upward in February to 2 to 3 % at constant
rates. After taking into account the adverse impact of currencies that is -
17.5 million of Euro and - 0.9 %, mainly related to the devaluation of the
rouble set at 20 %, the group reports a growth of + 3.2 % on a like-for-like
basis.

The group thus recorded 4 quarters of growth and saw all its operating
segments - canned, frozen and fresh processed - growing on a like-for-like
basis***.

Europe Zone

The turnover of the Europe zone (65 % of the total turnover) remained stable
both on a published and constant basis.
This stability masks the strong sales of branded products: Bonduelle and
Cassegrain in all the various operating segments of the group driven by
innovation (broadening of the Cassegrain range, sustainable development of
the line of steamed products, renewal of the retail frozen ranges and the
success of the snacking range in the delicatessen segment notably), and by
the reinforcement of the presence of the group in the media. This dynamic
allowed the group to strengthen its market position in globally stable
markets.
Some voluntary declines in volumes for the canned private label segment as a
result of unsatisfactory price levels, and a food service segment remaining
difficult for the frozen category explain the overall development of the
zone.

Non-Europe Zone

Despite adverse exchange rate movements, the Non-Europe zone (35 % of the
total turnover) reported a published growth of + 9.4 % and a + 12.5 % growth
at constant exchange rates in line with its past performances.
In Northern America, affected by the fire at the plant of Tecumseh in the
middle of harvest season, Bonduelle continued to consolidate its positions in
Canada, in a better market environment, and its strong expansion in the US of
its frozen operating segment in retail and food service. The investments and
productivity gains obtained in the plants acquired in 2012, coupled with the
acquisition of the Lethbridge plant over the FY support the volume growth and
continued market share gains.
In Eastern Europe, the group recorded once again a strong turnover growth.
Essentially locally produced, the Russian activity has not suffered from the
embargo measures and the rouble devaluation, highlighting here the relevance
of the set-up of a local production plant in 2004 and reinforced by the
external growth in 2012. The activity in Ukraine, obviously impacted by the
geopolitical context, is not significant.
In Brazil, with a turnover accounting for less than 2 % of the group,
Bonduelle continued its business growth despite a substantial slowdown in
consumption and price levels remaining low.

Current Operating Profitability

Remarkable profitability growth reaching a historical high

---------------------------------------------------------------------------------------
| (in € millions) 2014-2015 2013-2014 Variation at Variation at |
| |
| Reported Reported Current Constant |
| |
| Figures Figures Exchange rates Exchange Rates |
| Turnover 1,981.8 1,921.1 + 3.2 % + 4.1 % |
| Current Operating Profitability 111.5 102.7 + 8.6 % + 13.6 % |
| Current Operating Margin 5.6 % 5.3 % + 30 bp + 50 bp |
---------------------------------------------------------------------------------------
For FY 2014-2015 the Bonduelle Group's current operating profitability reached
a historical high of 111.5 million of Euro, a growth substantially higher
than the turnover.

At constant exchange rates, this growth stands at + 13.6%, higher than the
objective revised upward in February to a growth of 7 to 12 % at constant
rates
This performance is the result of:

* An improvement of the profitability in Europe, with a current operating
margin of 4.2 % against 3.5 % last FY, driven by a favourable national
brands/private labels mix, by the improvement in the profitability of both
fresh processed and mushroom segments and by good harvests;
* A remarkable resilience of the current operating margin outside Europe at
8.7% at constant rates. This area, comprising mainly North America, Russia
and other countries of the CIS, confirmed its status of a dynamic area with
strong profitability.

Over the FY, the Bonduelle Group continued to invest in its brands, the
marketing-media budget increasing by more than 10 %.

Net Result

Strong growth of the net result

The net expense of non-recurring items stands at 2.1 million of Euro and
essentially includes the restructuring costs of the mushroom subsidiary, an
insurance compensation related to the buildings and the equipment destroyed
during a fire at the factory of Tecumseh and a transactional compensation
received linked with a litigation arising from the acquisition of the
mushroom activity.
The net financial debt amounts to 19.3 million of Euro against 27.4 million of
Euro the previous year, the group benefiting from the fall in interest rates,
the decrease of its debt and recording over the period some foreign exchange
gains reaching 2.7 million of Euro.
The result of the companies consolidated by equity method reports an
improvement of - 1.1 million of Euro against - 1.4 million of Euro in FY
2013-2014.
The income tax expense amounts to 19.8 million of Euro against 22.6 million of
Euro last financial year. The profitability improvement of the mushroom
activity has indeed allowe...

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